Ver Angola

Banking and Insurance

Banco Económico dismisses workers as part of the restructuring

Banco Económico (BE), formerly Banco Espírito Santo Angola, announced that it had started a process of downsizing and laying off employees, with a view to rationalizing costs, as part of its recapitalization and restructuring plan.


BE, in a statement to which Lusa had access this Monday, refers that it is "successfully fulfilling" the plan, approved by the central bank, with the aim of giving it "greater sustainability" and "overcoming historical challenges that are still affecting its balance".

According to the executive committee of the bank, which has been recapitalized by the State, the rationalization of costs is among the measures of the restructuring plan, which is why it started a "resizing process".

The dismissal of employees, "impacted by him, always in strict compliance with the law", is part of the process, indicates the banking institution, without referring to numbers.

The Angolan weekly newspaper Novo Jornal said that 70 workers will be made redundant and 12 branches closed by May.

To minimize the impact of this measure, he stresses, the bank "is ensuring that these employees receive compensation greater than that provided for by law and benefit from relevant additional advantages".

"Despite the ongoing restructuring, which has been assiduously monitored by the supervisor, the position of depositors or the continuity of the bank's operations, which are currently running normally", is underlined in the note.

Banco Económico "reaffirms its commitment" to continue to "faithfully serve" its customers and "protect job stability", always guaranteeing the provision of an excellent service and the security of the deposits entrusted to it.

Meanwhile, the economic newspaper Expansão reported this Monday that the chief executive of BE, Carlos Duarte, is leaving, less than six months after his appointment, on a collision course "with the options of the shareholders for the recovery of the bank".


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